SteelPeak Wealth LLC Trims Stock Position in Garmin Ltd. (NYSE:GRMN)

SteelPeak Wealth LLC lessened its stake in shares of Garmin Ltd. (NYSE:GRMN) by 8.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,785 shares of the scientific and technical instruments company’s stock after selling 1,116 shares during the quarter. SteelPeak Wealth LLC’s holdings in Garmin were worth $2,075,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GRMN. Sumitomo Life Insurance Co. increased its holdings in shares of Garmin by 0.9% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after acquiring an additional 61 shares during the period. Elo Mutual Pension Insurance Co increased its holdings in shares of Garmin by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after acquiring an additional 70 shares during the period. Dorsey & Whitney Trust CO LLC increased its holdings in shares of Garmin by 3.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock valued at $344,000 after acquiring an additional 73 shares during the period. UMB Bank n.a. increased its holdings in shares of Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock valued at $469,000 after acquiring an additional 74 shares during the period. Finally, Brighton Jones LLC increased its holdings in shares of Garmin by 5.8% in the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock valued at $248,000 after acquiring an additional 83 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Tigress Financial lifted their target price on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $158.50.

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,892 shares of company stock worth $2,296,174. Corporate insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Shares of GRMN opened at $204.86 on Thursday. The stock has a market capitalization of $39.35 billion, a P/E ratio of 28.89, a P/E/G ratio of 2.81 and a beta of 0.99. Garmin Ltd. has a 1 year low of $101.49 and a 1 year high of $207.22. The company’s fifty day moving average is $173.44 and its two-hundred day moving average is $167.01.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.45 EPS. Sell-side analysts predict that Garmin Ltd. will post 6.08 EPS for the current year.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.